I am making a panda for a cake this weekend and found this video tutorial which seemed to fit the bill perfectly. http://www.monkeysee.com/play/15851-fondant-cake-decorating-making-figures-part-2

I molded the pieces as instructed and it started out really great ... in fact it looked perfect. But a couple of hours later I realized the fondant hadn't firmed up at all and in fact the panda started drooping significantly. Any feedback on what I may be doing wrong would be of great help!

I looked at the videos and I saw nothing mentioned about adding Tylose to the fondant. Fondant by itself will tend to droop as it sets. If you add a little tylose or mix some gumpaste into your fondant (50/50 mixture) your fondant will set up better. It will still need several days to dry completely.

I use fondant for figures all the time. MMF that is. When I
Make it I add a bit extra icing sugar so it's more firm